Probate and tax liability

8.2 Valuation date of an inheritance

In the case of property transferring from a deceased disponer, the valuation date is typically later than the date of the inheritance (date of death) and in most cases is the date of the grant of probate (or the date of the grant of administration for an intestacy). In certain circumstances, however, a benefit does not form part of the estate of the disponer but is acquired by the beneficiary immediately on the disponer’s death or on the ending of an intervening life interest.

8.2.1 Benefit acquired as part of the administration of an estate

Section 30(4), which is relevant for most inheritances, determines the valuation date in the case of the administration of an estate. The valuation date in these circumstances is the earliest of the following three dates:

the date on which a personal representative is entitled to retain assets for the benefit of a successor;

the date on which an asset is retained; or

the date of delivery of assets, payment etc. to the successor